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In Australia and New Zealand, Bankers Try New Tactic to Rein In Property

Concerns about the economic impact of a bubble burst, authorities target city-specific measures

By

James Glynn

Updated July 23, 2015 7:08 p.m. ET

SYDNEY—Far from Washington and Frankfurt, central banks are poised to try something that their peers have hotly debated for decades: pricking a bubble.

Top regulators and monetary officials around the world are far from settled on whether it is wiser to halt what looks like excessive exuberance in the price of assets like stocks or housing, or instead prepare to clean up the aftermath. Central bankers in New Zealand and Australia are attempting to do the former.